ICB Financial Group Holdings AG Proposed Cancellation of Listing
28 Septembre 2012 - 8:24AM
UK Regulatory
TIDMICB
ICB Financial Group Holdings AG
Proposed Delisting
The Board of Directors of ICB Financial Group Holdings AG ("ICB" or "the
Company") wish to announce that the Company intends to seek shareholder
approval to cancel the admission of ICB shares to trading on the AIM market
operated by the London Stock Exchange ("Delisting").
The Board wishes to state that having regard to current developments and
circumstances, the Directors believe it is no longer in the best interests of
the Company or its shareholder to maintain an AIM listing. In reaching this
conclusion, the Board considered the following factors:-
* that the AIM listing no longer serves a useful function for the Company in
terms of providing access to capital or enabling the shares to be used to
effect acquisitions, although the Directors acknowledge the benefit to
shareholders of having a public market in the shares;
* the lack of liquidity in trading of the shares (there have been no trades
in the Company during the current calendar year);
* small free float;
* market capitalisation of the Company is lower than when introduced to the
market;
* limited market appreciation of the Company's broad geographical presence;
* the significant professional fees associated with the AIM listing (such as
legal, accounting, London Stock Exchange and nominated adviser costs); and
* the amount of senior management time spent in ensuring compliance with the
AIM Rules and related regulatory requirements, including reporting,
disclosure and corporate governance requirements.
The Board believes that following the Delisting, the Company would benefit from
substantial cost savings.
It is planned that the Delisting will take effect on 6 November 2012 assuming
shareholders approve the resolution on the Delisting at the Extraordinary
General Meeting ("EGM") to be held on 29 October 2012. A notice of meeting for
this EGM will be issued in due course.
Immediately following the Delisting, there will be no market facility for
dealing in the shares and no price will be publicly quoted. As a result, the
Board recognises that the Delisting will make it more difficult for
shareholders to buy and sell shares should they want to do so. In view of this,
and in order to assist shareholders, the Board intends to facilitate a dealing
arrangement for six months following the Delisting to enable shareholder to
trade in the shares. Once the facility has been arranged, details will be sent
to all shareholders and will also be made available to shareholders via the
Company's website:www.icbankingroup.com
This announcement is dated 28 September 2012
The Company's AIM nominated adviser is RFC Ambrian Limited. Contact Stephen
Allen or Trinity McIntyre on +61894802500.
END
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